The Breakdown

Explaining Southern California's economy

MTV VMAs will bring $50 million in economic activity to LA County

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The MTV Video Music Awards will return to the West Coast in August, bringing in millions of dollars in economic activity.

The VMAs will take place at the Forum in Inglewood, which reopened earlier this year after a $100 million renovation. The VMAs will be the first major awards show in the revamped space.

"The Forum has hosted some of the most legendary musical artists and performances ever seen and we can't wait to add the 2014 Video Music Awards to this list and create the type of memorable moments that music fans will talk about for years to come," said Stephen Friedman, MTV's president in a press release.

RELATED: Not the new kid in town: The Forum in Inglewood reopens with the Eagles

The VMAs are known for its jaw-dropping and water cooler moments, from Britney Spears and Madonna kissing to Miley Cyrus twerking. Last year's awards took place in Brooklyn and the last time the VMAs were in L.A. was in 2012 at the Staples Center. 

Visitors will spend on hotels, limos and food

Economic research firm Micronomics estimates the show will bring roughly $50 million in economic activity to L.A. County. That amount factors in visitors spending money on items like hotel rooms, meals at local restaurants and limo rides, said Roy Weinstein, managing director.

In addition to the $50 million in economic activity, Weinstein said the VMAs can encourage TV viewers out of state to visit California.

"People on the East Coast see Los Angeles, our beautiful weather and our beautiful local venues and they decide to spend time here in the coming months," Weinstein said.

Last year's VMAs drew a total audience of 10.1 million people, 66 percent higher than 2012, according to MTV.

 

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